• Question
  • Social security age

    Asked by a 68 year old man from Northampton, PA on 1/26/2020

    What is the difference in collecting social security at 69 1/2 vs age 70? I qualify for maximum amount and want to know if it is worth the wait My monthly expense are $4500.

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Answers

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  • For every year you delay Social Security, you increase your benefit by approximately 8%. The age you file is a personal decision that should consider if you have a spouse, your cash flow, your health, your other assets, you taxable income and many other factors. Considering just your expenses ignores the other dimensions and is not recommended. Planners at New Retirement, or other institutions, can help you evaluate your individual situation.

  • Login to rate this answer:   Answered on 2/3/2020
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.